1. Subdivider shall file with the City Clerk detailed plans and specifications (or a statement that work will be accomplished in accordance with standards and specifications of the City) approved by the City Engineer for all public improvements and land development together with a detailed cost estimate approved by the City Engineer and an estimate of time reasonably necessary to complete the same.

2. Subdivider shall enter into a contract with the City to make, install and complete within the time fixed by the City Engineer, but in no case more than two years from the date of execution of said contract, all improvements and land development in accordance with the approved plans, and shall cause to be filed with the City Clerk a faithful performance bond payable to the City which shall ensure the performance of the contract and the completion of the improvements and land development work. The subdivider shall additionally file with the City Clerk a labor and material bond to inure to the benefit of those persons entitled to the protection of Part III, Title IV, Chapter II of the Code of Civil Procedure. A cash deposit or letter of credit may be submitted in lieu of bonds hereinbefore described. Bonds and other forms of guarantee shall be in full conformity with the requirements for subdivision guarantees as set forth in the subdivision ordinance codified at CVMC Title 18.

3. The bond or other guarantee shall be based on the City Engineer’s estimate of the cost of the work and in accordance with the following schedule: